I have often been asked as a Albany Divorce Lawyer if winning personal injury settlement money is considered joint marital property. In New York, a personal injury settlement is considered separate property, which means it is not marital and is not subject to equitable distribution. I advise clients as a Albany Divorce Lawyer that you want to make sure that you do not commingle those funds in an account held jointly with your spouse. If you do that, it is possible that the court will render that as marital property and it will be subject to equitable distribution.
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If you have questions about joint marital property in New York, contact our experienced Albany Divorce Lawyer.
This informational blog post was provided by Ashley Mahserjian, an experienced Albany Divorce Lawyer.
